Abstract
In this study, sequential and simultaneous clearing of energy and reactive power markets are investigated. In the sequential clearing, a model is proposed for reactive power market clearing in distribution systems. In this model, by using lost opportunity cost concept for distributed energy resources (DERs) that participate in reactive power market, the possibility of a win–win game for private owners of DERs and the operator of distribution network is provided. In addition, in this study, simultaneous markets for energy and reactive power are proposed. In order to investigate the proposed models, energy and reactive power markets are cleared sequentially and simultaneously in a 69-bus typical distribution network in different scenarios and the results are compared together. The results evidenced that simultaneous clearing of reactive power and energy markets imposes less costs on the operator in comparison with the one in sequential clearing of reactive power and energy markets.
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